If Cryptocurrency exchange is banned in your country; what would you do?

[greatguy1]

The government of Nigeria last night ordered banks to freeze accounts of individuals or corporate organisations that deal in the cryptocurrency market. The last endSars protest show the influx of funds from outside the country basically through cryptocurrencies and the government felt it was a threat to the peaceful coexistence of the Nation. Attempts were made to freeze the accounts of individuals involved in it but Court pronouncement could not nail such order.
The question now is pertinent: If cryptocurrency is banned in your country what will you do?

 

[Yugocean]

It was Central Bank of Nigeria, not the Government, which prohibited this crypto trading.
In India too RBI banned crypto in 2018, but that ban was overturned by Supreme court; Bank was not able to justify the ban in court, and court do not like to ban something without proper reason.
Government is still trying to make a bill in India, but that is still hanging with government. By the way, this is not a big problem Use online exchanges to USD, and then withdraw to your bank in your currency, this is common trading.

 

[Good-Guy]

I responded to a similar post in this forum yesterday. I do not think that banning a cryptocurrency in a country would stop people from carrying out cryptocurrency transactions in a country or stop people from dealing in cryptocurrency. It is still possible to buy Bitcoins using Western Union and it is still possible to exchange your cash with Cryptocurrency using exchangers that are available online. You can even use online payment processors to buy or exchange cryptocurrencies. When it comes to cryptocurrency, there are many, many options available even in countries where cryptocurrencies are banned. It might be possible that you cannot deal in cryptocurrencies locally in countries where it is banned, but when it comes to online world, you can still exchange or sell cryptocurrency and receive payment or send payments even in countries where cryptocurrencies are banned.

 

[Bookwormlux]

The notice yesterday was so disheartening Andi hope there is going to be a review soon, because a lot of us are relying on crypto currency trading for a living. With the high rate of unemployment in Nigeria for instance, it would be unwise to ban something that is helping youths to make money. It seems there is no way out of this crypto currency issue yet, I have observed that luno has disabled the option to deposit our local currency in the wallet and this makes it obvious that we do not have hope of continuing in this crypto currency business again.

I will try and check out alternatives like payoneer, Skrill, perfect money.

 

[marcusfe]

This would have being a serious issue. Recently I read in the news that central bank of Nigeria has banned cryptocurrency, this gave me a serious concern but in no time I trust my Nigerian guys they have started looking for a way out. The truth is the government like let them keep banning whatever they like, the youths will still find their way around it. If there is no hardship in the land people will not be desperate to source for an alternative.

 

[Kennysplash]

I don't know what prompted the CBN to make such decision. Well there is no cause for alarm, there is always a way to bypass every restriction. I am sure my brothers have devised a way to deal with it, crypto currency has reached a stage that it cannot be banned from a country. There will always be transactions that will not be noticed, now more than ever peer to peer transactions will gain more popularity. I am not in panic or anything, the government are just saying their own. Few people are affected.

 

[Aniwhyte]

I don't know what prompted the CBN to make such decision. Well there is no cause for alarm, there is always a way to bypass every restriction. I am sure my brothers have devised a way to deal with it, crypto currency has reached a stage that it cannot be banned from a country. There will always be transactions that will not be noticed, now more than ever peer to peer transactions will gain more popularity. I am not in panic or anything, the government are just saying their own. Few people are affected.

Do you actually think that central Bank was behind the ban? The Nigerian government is behind the ban it has absolutely nothing to do with the central bank as it was Nigerian government that must have given them the go ahead to do so in which the governor of Central Bank can't disobey such other from someone whom appointed him to the position he is occupying, the Buhari government is very wicked and heartless. They keep on making unnecessary policies that makes the masses suffer.

 

[Deleted member 27583]

The government of Nigeria last night ordered banks to freeze accounts of individuals or corporate organisations that deal in the cryptocurrency market. The last endSars protest show the influx of funds from outside the country basically through cryptocurrencies and the government felt it was a threat to the peaceful coexistence of the Nation. Attempts were made to freeze the accounts of individuals involved in it but Court pronouncement could not nail such order.
The question now is pertinent: If cryptocurrency is banned in your country what will you do?

Since it only could get banned in one particular country,and I move next to the neighboring country then,they we allow me in since i have all the credentials to take live in their country..

So I will happily move out of my country and start up something there to make money there and continue my online business platform where I make money by paid to write and read as well,and I keep learning every each day...

One more thing I want we all to understand is that anywhere you are and you are living fine,I mean financial okay is your home or country ...

So if where I am now is making a life hell for me to live I move out of it to make some money out there and if it favors me out there so that is my home and country then,is just that the formal country will be my country of birth,but the current one favouring me will be my country for life...

 

[btaliat]

No one has power to stop cryptocurrencies. Not even the central bank of the world. Most people misconstrued the news to banning when the person meant regulation. In other words, the two words are not sweetening to the ears. But it doesn't cause for any alarm. I was able to trade in cryptocurrency today as a Nigerian though I couldn't buy. And there are many places you can source bitcoins either offline or online. The problem maybe finding a trusted vendor if at worst, withdrawal option was frozen too as some app are freezing deposit option.

 

[Segshowee]

The government of Nigeria last night ordered banks to freeze accounts of individuals or corporate organisations that deal in the cryptocurrency market. The last endSars protest show the influx of funds from outside the country basically through cryptocurrencies and the government felt it was a threat to the peaceful coexistence of the Nation. Attempts were made to freeze the accounts of individuals involved in it but Court pronouncement could not nail such order.
The question now is pertinent: If cryptocurrency is banned in your country what will you do?

Only a myopic government would ban cryptocurrency. The world is going digital, so why would a government in its right senses ban digital currency. As for me, so long cryptocurrency is digital in nature, no government can ban it except they ban internet outrightly.

 

[Good-Guy]

No one has power to stop cryptocurrencies. Not even the central bank of the world. Most people misconstrued the news to banning when the person meant regulation. In other words, the two words are not sweetening to the ears. But it doesn't cause for any alarm. I was able to trade in cryptocurrency today as a Nigerian though I couldn't buy. And there are many places you can source bitcoins either offline or online. The problem maybe finding a trusted vendor if at worst, withdrawal option was frozen too as some app are freezing deposit option.

This is exactly what I am trying to say but no one is paying heed to what I am trying to say. It does not matter if cryptocurrency is banned in Nigeria or in any other country. Cryptocurrecy is decentralized and it is not controlled by any single organization. It is still possible to indirectly exchange, sell, or buy cryptocurrency in Nigeria regardless of whether cryptocurrency is banned or not. As I mentioned earlier, it is still possible to exchange, buy, or sell cryptocurrency using exchangers and online payment processors in Nigeria. In fact, you can do this even if you are sitting on the surface of the moon. All you need is an internet connection and a computer!

 

[sincerem]

It was Central Bank of Nigeria, not the Government, which prohibited this crypto trading.
In India too RBI banned crypto in 2018, but that ban was overturned by Supreme court; Bank was not able to justify the ban in court, and court do not like to ban something without proper reason.
Government is still trying to make a bill in India, but that is still hanging with government. By the way, this is not a big problem Use online exchanges to USD, and then withdraw to your bank in your currency, this is common trading.

That's true you said, the government of my country Nigeria banned central bank of Nigeria from using the fiat currency to buy and store Cryptocurrency. Cos they fear that the excessive investment through naira funding will affect the fiat currency and such devalue the naira. I don't think they can succeed in banning Cryptocurrency if they really want to cos other think thank individuals in the country will intervene cos they know the benefits around Cryptocurrency. Even your own country government tried to do so, but failed to entirely ban Cryptocurrency cos other high profile individuals support it and won't allow such to happen.

 

[Maks25]

We’re being govern by stupid and backward leaders. For those trading bitcoin pls always use peer to peer for your transactions. That way you’re dealing with an individual selling to you and not directly from the bank. They can only flag it if they know the source of the funds. Always use remitano and Binance peer to peer for buying and selling btc. have always said it that this government is run by insane people. How could you just wake up and make such a decision?

I won't blame them, next election, if you like collect 5000 you will get worse treatment.

Look at NIN, some idiot just woke up and made a decision without putting lots of things into consideration, so I arrive Nigeria now with no way to get a phone number. Many government decisions are never thought through.

 

[leejay]

We know already that of so called leaders are very stupid, crazy and very very mad.
How could they do such a thing. Is it because of the yahoo boys...i cant even say exactly, like how do they think we will survive. They took our money go to oversea buy something that is so expensive. And they keep saying no money .. the most crazy one is that their children spend money as if they are the one working for it. Imagine the president daugther took presidental private jet to a birthday party, absolutely nonsense in this country that i cant mention and the small small ways we do to to survive ,they want to end it...
As for me i will just keep praying for them .

 

[btaliat]

This is exactly what I am trying to say but no one is paying heed to what I am trying to say. It does not matter if cryptocurrency is banned in Nigeria or in any other country. Cryptocurrecy is decentralized and it is not controlled by any single organization. It is still possible to indirectly exchange, sell, or buy cryptocurrency in Nigeria regardless of whether cryptocurrency is banned or not. As I mentioned earlier, it is still possible to exchange, buy, or sell cryptocurrency using exchangers and online payment processors in Nigeria. In fact, you can do this even if you are sitting on the surface of the moon. All you need is an internet connection and a computer!

No one understood me too when I tried to explain myself. Then I need to understand them. The world has become what the government thought it was. It is either that they don't want to move with the world or they are frustrating the lives of the youth. People will talk and they will shout but they won't express their minds and hearts. Nigerian government still want her youth to be hailing hime whenever they pass by. Because majority depend on the cryptocurrencies that were re adjustment.